Petroleum Authority of Thailand (PTT)

The Petroleum Authority of Thailand, established in 1978, operates petroleum and other related businesses, however, in the face of increasing competition, the government recognized the need to increase its role. The Cabinet decided on August 21, 2001 to approve the establishment plan. Supporting the Petroleum Processing Authority of Thailand, the Cabinet passed a resolution on September 25, 2001. Agreeing to convert the Petroleum Authority of Thailand into a public limited company under the State-owned Enterprise Capital B.E.2542 (1999), established PTT Public Co., Ltd., which converted petroleum investments. The Thai government holds no less than 51% of PTT's shares. Royal Thai Embassy on October 1, 2001, the Petroleum Authority of Thailand was transformed into PTT Public Company Limited, with an initial registered capital of 20 billion Baht, and registered on the Stock Exchange of Thailand on December 6, 2001, with the Ministry of Finance as the major shareholder, pursuant to B.E. 2542 (1999) "State Owned Enterprise Capital Act".